EliteTrading – Is It a Scam or Safe to Trade?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
EliteTrading - DO NOT TRADE WITH THIS PROVIDER
2.7/10
$100
Minimum DepositUpdated 2020
EliteTrading offers its customers various accounts for trading. They are listed below:
- Basic Account: For this account, you need to place $250 as a minimum deposit in your account.
- Silver Account: The minimum deposit for this account jumps to $5,000.
- Gold Account: To open a gold account, you need to deposit $50,000.
- Platinum Account: To be able to use the broker’s Platinum Account, you first need to deposit $100,000.
- Diamond Account: To start trading on a Diamond Account, you need to deposit $500,000.
According to the broker’s website, the leverage levels for all account types stand at 1:400, and the spread is a fixed 3 pips.
Before you go ahead and open an account with EliteTrading, be sure to review our full review to understand the danger this broker poses to unsuspecting traders.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://www.elitetrading.co/
Founded: N/A
Regulations: No
Languages: English, German, Dutch, Italian, Spanish
Deposit Methods: Bank Wire, Debit and Credit Cards (Visa and MasterCard)
Minimum Deposit: $250
Free Demo Account: Not Offered
Number of Assets: Not Known
Types of Assets: 1000+ Forex Pairs and CFDs for Digital Currencies, Commodities, Stocks and Indices
Trading Accounts and Conditions
EliteTrading offers its customers various accounts for trading. They are listed below:
- Basic Account: For this account, you need to place $250 as a minimum deposit in your account.
- Silver Account: The minimum deposit for this account jumps to $5,000.
- Gold Account: To open a gold account, you need to deposit $50,000.
- Platinum Account: To be able to use the broker’s Platinum Account, you first need to deposit $100,000.
- Diamond Account: To start trading on a Diamond Account, you need to deposit $500,000.
According to the broker’s website, the leverage levels for all account types stand at 1:400, and the spread is a fixed 3 pips.
Before you go ahead and open an account with EliteTrading, be sure to review our full review to understand the danger this broker poses to unsuspecting traders.
EliteTrading – Advantages
It is our policy to present a fair picture of all the brokers we review. This means that no matter how many issues we may find, we will also look for the positives. So, in line with our view, here are the advantages of trading with EliteTrading:
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MetaTrader 4
The MT4 software is easy to use for all levels of traders and it offers a whole range of tools to help traders conduct their business. This interface carries features such as market indicators, trading bots and charting options, as well as the ability to customize these analytics tools to a trader’s requirements.
Why we mention this is because EliteTrading offers its clients the MT4 platform for executing trades. And since this is the best trading platform at this time, this is a definite positive in favor of this broker.
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Demo Account
EliteTrading also offers its users a demo account where they can test the trading conditions set out by them.
EliteTrading – Disadvantages
Unfortunately for this broker, we have found too many red flags that gives away the fact that EliteTrading is not a trustworthy Forex service provider and that your money is not safe with them. Here is our list of issues with this broker:
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No Regulatory Oversight
EliteTrading is owned and operated by GoldTech Media Services OÜ, which is registered in Estonia. Estonia, by virtue of being a part of the European Union, has a regulatory framework in place for Forex brokers, which is designed according to ESMA protocols.
Considering the fact that GoldTech Media is registered in Estonia, the company should be licensed in that country too. However, when we checked the online registry of the Estonian regulator.
The broker also claims to have offices in Austria and the UK, but when we checked if the broker was regulated in those countries, we found that it was not.
This means that this broker is not regulated at all and is offering its trading services illegally.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Links to Scammers
While researching whether EliteTrading was regulated or not, we found even more worrisome intelligence.
We found out that this broker was actually being used as a portal to direct those who registered to other scam sites – brokers that had already been blacklisted by the Italian financial watchdog, the CONSOB, and the Belgian regulator, the FSMA (Financial Services and Markets Authority) as scammers.
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Bizarre Fees and Conditions
When we went through EliteTraders’ Terms and Conditions, we were shocked by some of the provisos. One condition is that you need to authorize the broker to withdraw money directly from your bank account. No legitimate trader would ever insert such a condition for trading to its customers.
The broker also states that a Renewal or Rolling Fee will be charged for extending your Day-Trading to the next day. This fee will be collected directly from your account, but if you do not have sufficient in your free balance, then the broker reserves the right to charge that amount to your credit card. So, basically you need to provide EliteTrading with your credit card information.
This seems like a ploy by the broker to get its hands on your sensitive information.
That’s not all. This broker also charges other fees such as a maintenance fee, a profit clearance fee and a monthly dormancy fee of $50. The dormancy fee is applied if your account has been inactive for just 2 months.
All these fees and conditions are not just strange but alarming too.
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Trading Bonuses
Trading bonuses are off limits in regulated markets because they have unfair conditions related to trading volumes. If a broker offers trading bonuses, then you know that you are being scammed and it is best if you avoid them. And since EliteTrading offers trading bonuses, we would recommend that you stay away from this broker too.
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High Fixed Spreads
EliteTrading offers its customers a fixed spread of 3 pips for the EURUSD currency pair, which is much higher than the industry standard of 1.5 pips.
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Third-Party MT4 Trading Platform
The fact that the MT4 platform offered by EliteTrading is actually supported by a third party is another disadvantage. This broker’s platform is offered by another company called Traders Volt Ltd.
Conclusion
There are too many things about this broker that are just not right. The upshot of it all is that EliteTrading is operating illegally and it would be in your best interests to not do business with this broker. Otherwise you stand a strong chance of being scammed.
EliteTrading
Pros
- MetaTrader 4
- Demo Account Offered
Cons
- No Regulatory Oversight
- Links to Scammers
- Trading Bonuses
- Third Party MT4 Trading Platform
- High Fixed Spreads
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
4 comments
Absolute scam!!! I made a fortune and then when I tried to withdraw some of it they said no and came up with the most unbelivable excuses. I had to pay more money in in order to make a withdrawal, like an idiot I did this and then guess what ? They asked for more and more and did not let me withdraw!!! Stay away from them and Trade Idea who are affiliated with them.
OMG! Thanks for the review ! They called me to set up the account with them! Good that I red it!
Elite trading are cheap cheaters. Disgusting humiliating beings. Not human. I lost 1000 pounds but it is not easy for me to get these. May they are cursed!
Scam,
Different phone numbers ( all +44 – uk) but when you call them back- no answer.Also those numbers (different number each call) they marked on many websites as fraudulent.
I deposited 500, I cannot cancel or withdraw before i provide following document :
Email from elitetrading.co
Please provide us one document from each category:
1. Identification document:
– Passport ( first two pages
– A National ID card ( front and the backside)
2. Proof of address:
– Utility bills such as electricity, water, or gas bill – Cannot be older than 3 months with your full name and address on it.
– Bank /Card statement – cannot be older than 3 months, with your full name and address on it.
3. Proof of payment method:
– Credit/Debit card 6470 front and the backside ( On the front we need to see the first 6 and last 4 digits, your name, and expiration date. On the backside we need to see your signature, you may cover CVV number).
4. Declaration of payment:
– Print the attached declaration of payment, fill in the required information, sign on it and send it back. If you don’t have the printer you can sign on it electronically.
Also Payment Declaration where YOU READ FOLLOWING :
” i hereby declare and confirm that the funds have been deposited to my trading accounts number … and that the service that was promised to me have been delivered as requested. I WILL NOT HAVE ANY CLAIM IN THE PRESENT AND FUTURE REGARDING THE AFORESAID DEPOSIT AND RELATED TRANSACTION”